Abu Dhabi’s Mubadala Investment Company is aiming to expand and strengthen its existing businesses in the UAE and create new national champions, one of the company's top executives said.
“We are taking a view and strategic initiative to focus or refocus into the UAE economy, build or expand and strengthen the existing businesses we have and create champions,” Musabbeh Al-Kaabi, chief executive of UAE investments at Mubadala, told the Atlantic Council Global Energy Forum 2021 on Tuesday evening.
Mubadala has investments in a number of companies in the UAE including clean energy company Masdar, Emirates Global Aluminium, chemicals company Borealis and aviation manufacturing company Strata, among others.
It also took a minority stake in a local artificial intelligence and cloud computing company Group 42 after transferring ownership of two information technology companies it owns – Injazat and Khazna Data Centres – to the business in November last year.
“We have the right ecosystem, we have the right partnerships globally and we are confident that we will push the economic diversification [of the UAE’s economy] going forward,” Mr Al Kaabi told the forum, which is taking place online due to Covid-19.
Mubadala is bullish on the prospects for hydrogen and earlier this week signed a preliminary agreement with Siemens to explore investment and commercial opportunities in clean energy and green hydrogen, which includes potentially setting up a demonstrator plant at Masdar City.
“From now till 2050, energy demand will double. We maintain our view that all sources of energy will be required and we identified hydrogen as one emerging energy source that would definitely help in meeting the energy demand in the future and addressing climate change,” he said.
The company also formed an alliance with the Abu Dhabi National Oil Company and industrial holding company ADQ to produce hydrogen from natural gas and renewable energy, with a view to producing locally and selling the fuel both in the UAE and overseas.
With a $232 billion portfolio spanning five continents, Mubadala has interests in a range of sectors from aerospace and healthcare to real estate, technology, utilities and oil and gas.
Earlier this month, Mubadala integrated its UAE healthcare assets into a single unit.
Mr Al Kaabi said the company "will play a constructive role in ensuring that our investments are in high compliance with ESG [environmental, social and corporate governance] requirements".
"We are currently running an exercise to identify our carbon footprint and putting the right measures in place to ensure our role going forward," he said.
if you go
The specs
Engine: 2x201bhp AC Permanent-magnetic electric
Transmission: n/a
Power: 402bhp
Torque: 659Nm
Price estimate: Dh200,000
On sale: Q3 2022
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
First Person
Richard Flanagan
Chatto & Windus
The flights: South African Airways flies from Dubai International Airport with a stop in Johannesburg, with prices starting from around Dh4,000 return. Emirates can get you there with a stop in Lusaka from around Dh4,600 return.
The details: Visas are available for 247 Zambian kwacha or US$20 (Dh73) per person on arrival at Livingstone Airport. Single entry into Victoria Falls for international visitors costs 371 kwacha or $30 (Dh110). Microlight flights are available through Batoka Sky, with 15-minute flights costing 2,265 kwacha (Dh680).
Accommodation: The Royal Livingstone Victoria Falls Hotel by Anantara is an ideal place to stay, within walking distance of the falls and right on the Zambezi River. Rooms here start from 6,635 kwacha (Dh2,398) per night, including breakfast, taxes and Wi-Fi. Water arrivals cost from 587 kwacha (Dh212) per person.
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UAE squad
Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
Killing of Qassem Suleimani
Green ambitions
- Trees: 1,500 to be planted, replacing 300 felled ones, with veteran oaks protected
- Lake: Brown's centrepiece to be cleaned of silt that makes it as shallow as 2.5cm
- Biodiversity: Bat cave to be added and habitats designed for kingfishers and little grebes
- Flood risk: Longer grass, deeper lake, restored ponds and absorbent paths all meant to siphon off water
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
Martin Sabbagh profile
Job: CEO JCDecaux Middle East
In the role: Since January 2015
Lives: In the UAE
Background: M&A, investment banking
Studied: Corporate finance
Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
Company%20profile
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Stree
Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
